*As ranked by The Globe and Mail in the Alternative Strategies asset class in the 3 year category out of 489 funds. In the 1 year category the LP’s ranking is 16th. Ranking is subject to change every
month. See http://globefunddb.theglobeandmail.com/gishome/plsql/gis.fund_filter?pi_type=B
** The S&P 500 Index is shown in U.S. dollars rather than in Canadian dollars since the LP generally hedges its exposure to the U.S. dollar.

Commissions, trailing commissions, management fees and expenses all may be associated with investments. The indicated rates of return are the historical annual compounded total returns including
changes in unit value and reinvestment of all distributions and does not take into account sales, redemptions, distributions or optional charges or income taxes payable by any securityholder in respect
of a participating fund that would have reduced returns. Funds are not guaranteed, their values change frequently and past performance may not be repeated. The LP is not publicly offered. It is only
available under Offering Memorandum and other exemptions to investors who meet certain eligibility or minimum purchase requirements such as “accredited investors”. Information herein pertaining
to the LP is solely for the purpose of providing information and is not to be construed as a public offering in any jurisdiction of Canada. The Manager believes that the following risks may impact
performance of the LP: concentration, leverage, currency and exchange rate risk and equity risk. Please read the “Risk Factors” section in the Offering Memorandum for a more detailed discussion of the
relevant risks. Consent is required for any reproduction, in whole or in part, of this piece and/or of its images and concepts. PORTLAND, PORTLAND INVESTMENT COUNSEL and the Clock Tower Design
are registered trademarks of Portland Holdings Inc. Used under licence by Portland Investment Counsel Inc.